For Individual Investors in the US

JFRDX Forty Fund

We believe our differentiated view from the market identifies growth where growth is scarce, positioning our investments to outperform the index over time

NAV
$37.79
As of 03/23/2023

1-Day Change
$0.33 (0.88%)
 As of 03/23/2023

YTD Return
9.98%
As of 03/23/2023

Morningstar Analyst Rating
Bronze Morningstar Analyst Rating
As of 02/28/2023

Buy/Trade

Overview

ABOUT THIS FUND

Concentrated large-cap growth fund, leveraging our three decades of experience in high-conviction investing. By investing in our best wide-moat ideas, the Fund seeks to add excess returns over the long term. Given its concentrated nature, the Fund may exhibit moderately higher volatility than its benchmark.

WHY INVEST IN THIS FUND

High-Conviction Approach
Fundamental research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas where we believe we have a differentiated view from the market.

Innovative Wide-Moat Companies
Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models.

Stock Selection Drives Return
Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

PORTFOLIO MANAGEMENT

Doug Rao

Doug Rao

Portfolio Manager

Industry since 1998. Joined Firm in 2013.

Nick Schommer, CFA

Nick Schommer, CFA

Portfolio Manager

Industry since 2007. Joined Firm in 2013.

Brian Recht

Brian Recht

Portfolio Manager | Research Analyst

Industry since 2011. Joined Firm in 2015.

Performance

RETURNS (%) (As of 12/31/2022)
Forty Fund - Class D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class D Shares 5.89 -33.58 -33.58 4.34 9.52 12.77 10.85
Russell 1000® Growth Index 2.20 -29.14 -29.14 7.79 10.96 14.10 8.30
S&P 500® Index 7.56 -18.11 -18.11 7.66 9.42 12.56 8.30
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Performance for Class D Shares that includes periods prior to 1/27/17 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 02/28/2023)
Forty Fund - Class D Shares Russell 1000® Growth Index S&P 500® Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(05/01/1997)
Forty Fund - Class D Shares 1.05 7.39 -17.91 8.19 9.70 13.33 11.08
Russell 1000® Growth Index -1.15 7.05 -13.34 12.06 11.54 14.26 8.53
S&P 500® Index -2.28 3.69 -7.69 12.15 9.82 12.25 8.40
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Performance for Class D Shares that includes periods prior to 1/27/17 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Forty Fund - Class D Shares Russell 1000® Growth Index
2022 2021 2020 2019 2018 2017 2016 2016 2015 2014
Forty Fund - Class D Shares -33.58 22.91 39.13 36.76 1.43 29.55 1.92 1.92 11.75 8.57
Russell 1000® Growth Index -29.14 27.60 38.49 36.39 -1.51 30.21 7.08 5.67 13.05 33.48
GROWTH OF A HYPOTHETICAL INVESTMENT
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 02/28/2023 Class I Shares)

RISK / REWARD
VS. Russell 1000® Growth Index		 3YR 5YR
Information Ratio -0.87 -0.46
Alpha -3.15 -1.23
Tracking Error 4.38 3.87
Beta 0.98 0.97
R-squared (%) 96.62 96.57
UP/DOWN MARKET CAPTURE (%)
VS. Russell 1000® Growth Index		 3YR 5YR
Up Capture Ratio 90.39 91.62
Down Capture Ratio 100.57 96.65
STANDARD DEVIATION 3YR 5YR
Forty Fund 23.70 20.57
Russell 1000® Growth Index 23.77 20.91
SHARPE RATIO 3YR 5YR
Forty Fund 0.31 0.41
Russell 1000® Growth Index 0.47 0.49
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)
CLASS D SHARES
Management Fees 0.55%
Other Expenses 0.14%
Total Gross Expenses 0.69%
Waivers 0.00%
Total Net Expenses 0.69%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the Russell 1000® Growth Index.

Top Holdings (As of 02/28/2023)
% of Fund
Microsoft Corp 10.78
Apple Inc 8.07
Mastercard Inc 6.43
Amazon.com Inc 5.03
Workday Inc 4.81
Advanced Micro Devices Inc 3.48
ASML Holding NV 3.39
Deere & Co 3.32
AbbVie Inc 3.24
Blackstone Inc 2.93
Total 51.48
View full holdings
Portfolio Characteristics (As of 02/28/2023)
  FUND INDEX
Number of Holdings
Equity Issues		 36 512
Market Capitalization
Weighted Average		 $590.44B $669.56B
Portfolio Turnover Rate
(1-year trailing)		 39.30% -
Price/Earnings Ratio
(1-year forward)		 24.26 22.43
Price/Book Ratio
 7.34 8.77
Earnings Growth Rate
(1-year forward)		 31.47% 29.09%
Sector Allocation % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)
Regional Allocation % OF FUND % of Index % OF FUND % of Index (As of February 28, 2023)
Market Capitalization Range of Equity Holdings % OF FUND % of Index % OF FUND % of Index (As of 02/28/2023)
Developed vs Emerging Markets % OF FUND % of Index % OF FUND % of Index (As of February 28, 2023)

Documents

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